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GameStop fires CFO, announces layoffs as part of aggressive turnaround plan
By Arghyadeep Dutta - Jul 07, 2022, 05:40 PM ET
Last Updated - Mar 11, 2024, 02:24 PM EDT
CEO Furlong clarified that company is taking bold steps as it invests in its digital future
• CEO Furlong clarified that company is taking bold steps as it invests in its digital future
GameStop Corp (NYSE: GME) has fired its Chief Financial Officer, Mike Recupero, and the company is laying off workers across departments, CNBC reported on Thursday, citing an internal memo to the employees seen by the news outlet.
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The move comes as part of an effort to turn around the videogame retailer and drive growth.
Recupero, who joined GameStop about a year ago, was “fired because he was not the right culture fit” and was “too hands-off,” and was pushed out by GameStop chairman Ryan Cohen, a person familiar with the matter told CNBC.
Diana Jajeh, the company’s chief accounting officer, will become CFO.
The report said that the layoffs are on the corporate side rather than at its stores and are intended to “reduce bloat” as GameStop invests in other areas.
CEO Matt Furlong clarified the company has to take bold steps as it invests in its digital future.
“This means eliminating excess costs and operating with an intense owner’s mentality,” Furlong said. “Everyone in the organization must become even more hands-on and embrace a heightened level of accountability for results.”
GameStop on Thursday announced a four-for-one stock split in an attempt to revive the interest among retail investors that has waned amid a market selloff.
Picture Credit: Al Jazeera
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